Five Things to Know About Revenue Cycle Management (RCM)
A recent industry survey of physicians showed that their #1 priority was running a more...
Healthcare providers everywhere are being impacted by the growth and spread of the coronavirus in the United States. Medical professionals are being forced to manage a rapid increase in the number of COVID-19 patients seeking care at their practice with limited resources.
Keeping your billing office open and functioning during a global pandemic is essential for your practice to continue providing care to all of its patients. Yet this can be especially challenging for small practices. With limited on-hand cash to respond to the demands of COVID-19, many smaller organizations feel stretched too thin.
Partnering with an RCM services Vendor can alleviate the financial pains your practice is feeling during the coronavirus. With the help of a Revenue Cycle Management partner, your practice can continue focusing on offering the best patient care with financial peace of mind.
Benefits of Utilizing a Revenue Cycle Management Partner:
1) Up to Speed on Coding Changes
Many changes are being made to medical billing codes to make it easier for providers to offer the best care possible through the duration of the pandemic. Your practice must stay up to date on all of these changes if it hopes to optimize its revenue despite all that is going on. By partnering with a revenue cycle management partner, your practice will not have to worry about this.
Your Revenue Cycle Management partner will always be up to date on the latest developments in medical billing codes, ensuring your practice never incorrectly codes a claim.
2) Faster Payer Reimbursement
By partnering with a Revenue Cycle Management vendor, your practice can optimize its payer reimbursements through the duration of the coronavirus pandemic. Your RCM partner will scrub and track each claim to make sure your practice does not have to wait any longer than necessary for payer reimbursements.
Should a claim be denied, your Revenue Cycle Management partner will ensure a quick correction and turnaround to make sure there is no further delay in payment.
3) Work with Patients
Many patients are experiencing financial strain due to losing their jobs as a result of the coronavirus pandemic. Medical bills can be extremely overwhelming for individuals during this time, leading to fewer patient payments for providers.
A quality Revenue Cycle Management partner will work carefully with each patient to make sure they understand their balance and find the best repayment option for them. By offering an empathetic and understanding ear, your vendor and patient will work together to not only help them navigate their medical expenses, but also earn your practice more patient payments on average.
During a time where there is a lot of uncertainty as to when the healthcare industry will see relief from the coronavirus pandemic, an RCM partner can offer some much-needed relief. Working together, your organization and your Revenue Cycle Management vendor can boost your bottom line and ensure you have what you need to continue helping patients during the pandemic and thereafter.
To learn more about a Revenue Cycle Management partner that can help you, click here.